As a Cabinetmaker for the past 20 so years I have to side with plecosterone on this...raw p-board can be used, if the design is sound, and it is finished corectly...go with a laquer,or urathane base finish (latex and W/B acrylic are easy, but lack in moisture resistance)...
As for the original question...the majority of sheet goods in the chinese market are made with a luan core (philipaen mahogany)...although a softer hardwood, still a good choice...fairly stable, easy to work with, easy to finish...
I myself would still go with veneered MDF, but if it's what's available then use it.